Exhibit 12.1
HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(in millions)
| YEAR ENDED DECEMBER 31, | ||||||||||||||||||||
| 2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||
Earnings | ||||||||||||||||||||
Consolidated income from continuing operations before income taxes | $ | 2,436 | $ | 4,601 | $ | 3,337 | $ | 2,272 | $ | 3,018 | ||||||||||
Add: Fixed charges (excluding capitalized interest) | 374 | 488 | 517 | 499 | 490 | |||||||||||||||
Add: Amortization of capitalized interest | 26 | 25 | 30 | 39 | 52 | |||||||||||||||
Add: Distributed earnings of equity investees | — | 3 | 11 | 9 | 7 | |||||||||||||||
Less: (Earnings)/losses of equity investees | 84 | (17 | ) | (12 | ) | 1,068 | 506 | |||||||||||||
Less: Pretax noncontrolling interests in (income) loss of consolidated subsidiaries with no fixed charges | — | (177 | ) | (23 | ) | (26 | ) | (17 | ) | |||||||||||
Total earnings | $ | 2,920 | $ | 4,923 | $ | 3,860 | $ | 3,861 | $ | 4,056 | ||||||||||
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Fixed Charges | ||||||||||||||||||||
Interest expense (a) | $ | 323 | $ | 416 | $ | 429 | $ | 391 | $ | 369 | ||||||||||
Interest capitalized | 76 | 60 | 28 | 13 | 5 | |||||||||||||||
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Total interest incurred (including amortization of debt discount) | 399 | 476 | 457 | 404 | 374 | |||||||||||||||
Portion of rent expense representative of interest (b) | 51 | 72 | 88 | 108 | 121 | |||||||||||||||
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Total fixed charges | $ | 450 | $ | 548 | $ | 545 | $ | 512 | $ | 495 | ||||||||||
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Ratio of Earnings to Fixed Charges | 6.5 | 9.0 | 7.1 | 7.5 | 8.2 | |||||||||||||||
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| (a) | Includes amortization of debt issue costs and discounts or premiums. |
| (b) | Represents management’s estimate of the interest portion of rent expense. |
